Permanent Takeout definition
Permanent Takeout means a commitment by a lender of substantial financial standing to purchase the Trust's Construction Loan no later than the expiration of the term thereof or to provide a permanent loan no later than the expiration of the term of the Trust's Construction Loan, the proceeds of which permanent loan shall be sufficient to reimburse the Trust for its Construction Loan.
Examples of Permanent Takeout in a sentence
That certain Estoppel Letter - Permanent Takeout Financing dated [ ] [CHECK], executed by HCD in favor of Bank relating to the HCD Loan in form and content acceptable to Bank.